Note 14 - Subsequent Events	9 Months Ended
Sep. 30, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	14. Subsequent Events Stock Repurchase Authorization. On November 4, 2020, the Board of Directors authorized the Company to repurchase up to an additional $150 million of outstanding common stock (GTN) and/or Class A common stock (GTN.A) through December 31, 2023. The Company has not yet repurchased any shares under this expanded authorization. This additional authorization increases the total capacity under Gray's share repurchase program to $220 million when combined with the approximately $70 million remaining under its previous authorization. Share repurchases would be implemented through purchases made from time to time in either the open market or private transactions in accordance with applicable securities law requirements, including Rule 10b5-1. The extent to which the we repurchase any of our shares, the number of shares and the timing of any repurchases will depend on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. We are not required to repurchase a minimum number of shares, and the repurchase authorizations may be modified, suspended or terminated at any time without prior notice. Issuance of and Redemption of Notes. On October 19, 2020, we issued $800 million of our 2030 Notes and used the net proceeds therefrom, after deducting transaction fees and estimated expenses, to redeem all of our outstanding 2024 Notes and to pay all fees and expenses in connection with the offering, including the redemption premium applicable to the 2024 Notes. We intend to use the remaining net proceeds for general corporate purposes, which could include the repayment of outstanding debt from time to time. The interest rate and yield on the 2030 Notes is 4.75%. The 2030 Notes rank equally with the 2027 Notes and the 2026 Notes and the 2030 Notes mature on October 15, 2030. Interest is payable semiannually, on April 15 and October 15 of each year. Lubbock Transactions. On October 18, 2020, Gray entered into agreements with Ramar Communications, Inc. (“Ramar”) and SagamoreHill through which Gray will acquire KLCW-TV (CW) and two low power stations in the Lubbock, Texas market (DMA 142), as well as certain non-license assets of Ramar’s KJTV-TV (FOX) and two additional low power stations, for a combined purchase price of $20 million. At the closing of these transactions, Gray will enter into a shared services agreement with SagamoreHill to provide news and back-office services to KJTV-TV and its associated low power stations. Subject to receipt of regulatory and other approvals, the parties anticipate closing these transactions in the coming months. Sioux Falls Transactions. On November 2, 2020, Gray entered into a new network affiliation agreement with the FOX Broadcasting Network for one of its television stations in the Sioux Falls, South Dakota television market (DMA 115) market that utilize certain non-license assets that Gray acquired at the same time from Independent Communications, Inc., the former FOX affiliate for the market.

Note 14 - Subsequent Events

9 Months Ended

Sep. 30, 2020

14. Subsequent Events

Stock Repurchase Authorization. On November 4, 2020, the Board of Directors authorized the Company to repurchase up to an additional $150 million of outstanding common stock (GTN) and/or Class A common stock (GTN.A) through December 31, 2023. The Company has not yet repurchased any shares under this expanded authorization. This additional authorization increases the total capacity under Gray's share repurchase program to $220 million when combined with the approximately $70 million remaining under its previous authorization. Share repurchases would be implemented through purchases made from time to time in either the open market or private transactions in accordance with applicable securities law requirements, including Rule 10b5-1. The extent to which the we repurchase any of our shares, the number of shares and the timing of any repurchases will depend on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. We are not required to repurchase a minimum number of shares, and the repurchase authorizations may be modified, suspended or terminated at any time without prior notice.

Issuance of and Redemption of Notes. On October 19, 2020, we issued $800 million of our 2030 Notes and used the net proceeds therefrom, after deducting transaction fees and estimated expenses, to redeem all of our outstanding 2024 Notes and to pay all fees and expenses in connection with the offering, including the redemption premium applicable to the 2024 Notes. We intend to use the remaining net proceeds for general corporate purposes, which could include the repayment of outstanding debt from time to time.

The interest rate and yield on the 2030 Notes is 4.75%. The 2030 Notes rank equally with the 2027 Notes and the 2026 Notes and the 2030 Notes mature on October 15, 2030. Interest is payable semiannually, on April 15 and October 15 of each year.

Lubbock Transactions. On October 18, 2020, Gray entered into agreements with Ramar Communications, Inc. (“Ramar”) and SagamoreHill through which Gray will acquire KLCW-TV (CW) and two low power stations in the Lubbock, Texas market (DMA 142), as well as certain non-license assets of Ramar’s KJTV-TV (FOX) and two additional low power stations, for a combined purchase price of $20 million. At the closing of these transactions, Gray will enter into a shared services agreement with SagamoreHill to provide news and back-office services to KJTV-TV and its associated low power stations. Subject to receipt of regulatory and other approvals, the parties anticipate closing these transactions in the coming months.

Sioux Falls Transactions. On November 2, 2020, Gray entered into a new network affiliation agreement with the FOX Broadcasting Network for one of its television stations in the Sioux Falls, South Dakota television market (DMA 115) market that utilize certain non-license assets that Gray acquired at the same time from Independent Communications, Inc., the former FOX affiliate for the market.